Toy makers Hasbro Inc. (HAS) and Mattel Inc. (MAT) were both spiking suddenly Tuesday afternoon. While there is no new news for either company, there has been months of speculation that the two companies are seeking a merger.

Hasbro shares rose more than 5% to $95.63 while Mattel shares added about 12%, to $18.

Hasbro reportedly made a takeover bid for Mattel in November amid slumping sales among iconic staples at the brand like Barbie Doll, Hot Wheels, Fisher-Price and American Girl dolls.

Mattel reported a 14% drop in third-quarter sales last year, sending the stock into a tailspin. Mattel shares have dropped nearly 40% over the past 12 months. Over the same period, Hasbro shares are up nearly 14%.

Mattel has scheduled its fourth-quarter earnings release for February 1, Hasbro meanwhile hasn't yet set a date for its release.

A request for comment from Hasbro was not answered before this story's deadline.